HRMC Announce Tax Relief for Knotweed Treatments

 

HMRC have announced that the removal of Japanese knotweed could qualify for land remediation tax relief, which potentially gives your business a tax deduction of 150% of your Japanese knotweed treatment costs
Basically this means that your business could get up to 45% of your knotweed treatment costs back from the government through tax relief.

 

*The contamination must have occurred before the company took ownership of the land

*The relief is only available to companies, not individuals, sole traders, partnerships or LLP's.

*The relief is not available for Dig and Dump operations

*From 1 April 2008, and until at least 2010, the standard rate of landfill tax will increase by £8 per tonne each year.

*The tax incentives for developing brownfield land to make them more environmentally sustainable.

*The landfill tax exemption for waste from contaminated land will be phased out by 1st April 2012.

 

Chancellor Alistair Darling said: "Following the announcement in Budget 2008, draft legislation to extend land remediation relief to expenditure on long-term derelict land has been published for comment by stakeholders.

"This legislation will also include a number of changes to give companies greater certainty about what categories of expenditure qualify for relief for the remediation of land contaminated by previous industrial activity. In particular, the costs of eradicating Japanese knotweed."